Bankrupt crypto lender Genesis has reached a settlement with defunct crypto hedge fund Three Arrows Capital (3AC) to pay $33 million in order to settle $1 billion in claims. The hedge fund’s collapse in June 2022 was a significant event in the crypto industry, and its claims against Genesis relate to transfers made before the lender’s own bankruptcy in January. The settlement, which was outlined in a court filing on November 9th, comes after extensive negotiations between the two parties. Genesis is now seeking approval from a New York bankruptcy court to finalize the settlement. Under the agreement, the hedge fund will receive a general unsecured claim of $33 million, effectively resolving the more than $1 billion in claims against Genesis. The settlement also includes a mutual release of liability between the two parties.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | None |
| Companies | Genesis, Three Arrows Capital |
| Currencies | None |
| Securities | None |
